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NEWS RELEASE

February 16, 2010

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Once Again, Howard County Receives AAA Rating from all Three Bond Rating Agencies

ELLICOTT CITY, MD – Howard County Executive Ken Ulman announces that, for the 13th consecutive year, all three bond rating agencies -- Fitch Ratings, Standard & Poor's, and Moody's Investor Services -- have given Howard County a Triple-A credit rating. Of the more than 3,000 counties in the country, fewer than 30 receive Triple-A rating from all three agencies. The ratings reflect the belief that Howard County is well positioned to cope with the current economic downturn.

"Receiving the Triple-A rating from all three agencies is incredibly gratifying, especially in these difficult economic times. These ratings validate that the policies and procedures which guide our financial decisions are sound and that our economic outlook continues to be strong,” said County Executive Ulman. “These agencies see what we see: a disciplined government that is conservative when it comes to spending and proactive when it comes to cutting costs.”

The key rating driver for Fitch Ratings was, “The County’s ability to balance spending and preserve its current level of fiscal resources amidst a strained revenue environment.”

Moody’s reported that the, “Conservative management and comprehensive policies position the County to manage through near-term budgetary pressures.”

Standard & Poor’s noted, “The County's strong management team's ability to implement ongoing cost-control measures allowed the County to come in $26.8 million, or 3.2%, under budget on the expenditure side, preventing more serious declines in reserves.”

“The credit rating agencies know Howard County well and have seen us make the fiscally responsible decisions in good times and bad. They recognize our strong underlying economy, our strong and diverse tax base and our strong fiscally conservative policies. The Triple-A ratings reflect their belief that Howard County will once again weather the storm,” said County Finance Director Sharon Greisz.

All three agencies examined Howard County’s diverse tax base, financial policies, debt burden and long-range plans for continued fiscal health, economic strengths and overall quality of life. These credit ratings determine the interest rate Howard County will pay on bonds. In preparation for the County’s upcoming $109 million bond sale, scheduled for February 23, the County visited all three rating agencies at the beginning of this month.

Once received, the full bond rating reports will be posted on the County’s website at www.howardcountymd.gov.